The historic legislation on Stablcoins approved in Washington generates an earthquake in the global industry. While the big firms applaud clarity, emerging projects fear for their survival.
Washington DC - The murmur that crossed the corridors of the Capitol for months has become a rumble that resonates in all corners of the digital asset market. The approval of the "Guonding and Establishment National Innovation for Us Stablecoins Act", baptized with the acronym "Genius", has marked the beginning of a new era for cryptocurrencies, one where Uncle Sam has decided to take a seat at the table and dictate the rules of the game.
The law, the first of its size to be ratified in the United States, establishes a federal framework for the issuance and supervision of the stablecoins , those digital assets designed to maintain a parity with the dollar. From now on, only insured depositary institutions and certain non -banking entities that meet strict requirements of the Federal Reserve can issue these currencies. Monthly reserves are required, which must be composed exclusively for cash or cash equivalents, such as short -term treasure bonds.
"We have put an end to the era of the 'Wild West' of the Stablecoins," said Senator Mark Warner (D-VA), one of the drivers of the law, at a press conference. "This legislation protects consumers, safeguards the stability of our financial system and, crucially, ensures that innovation around the digital dollar occurs under an American regulatory umbrella, not in opaque jurisdictions."
Reactions found in the industry
The reaction of the industry has been a reflection of its own diversity. Giants such as Circle, issuer of the popular Stablcoin USDC, have described the law as a "monumental milestone" that provides the necessary clarity for mass adoption. "Now we can compete on equal terms with the traditional financial system and bring the benefits of digital payments to a global scale with the confidence provided by US regulation," said a company spokesman.
However, the environment is very different between startups and decentralized finance projects (DEFI). For many, compliance costs and capital requirements imposed by "genius law" are an insurmountable entry barrier.
"It is a law written by and for large banks and corporations already established," laments in an interview for this medium the founder of an emerging defi protocol, which prefers to maintain anonymity. "They are using 'consumer protection' as an excuse to drown competition and centralize an ecosystem that was born to be decentralized. This is not innovation, it is consolidation of power."
The expansive wave already feels globally. In Europe, where Mica (Markets in Crypto-Assets) is already in force, regulators observe carefully. European Central Bank sources indicate that, although coordination is valued, the aggressiveness of US law could cause a "regulatory career." The fear is that the dollar, through regulated stablcoins, further reinforces their hegemony in the digital financial system, leaving other currencies such as the euro in a secondary position.
The immediate future is presented as a test field. All eyes are put on which entities will get the first licenses and how the market will respond. The question that floats in the air is whether this law will achieve its double objective of promoting innovation and protecting users, or if, on the contrary, it will have sacrificed the disruptive spirit of cryptocurrencies at the altar of traditional financial stability.
Sep 14, 2025
